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Relationship of Environmental Disclosure of Renewable Energy, Carbon

Emissions, Waste Management, Water Consumption, and Banks’ Financial
Performance

Article in International Journal of Energy Economics and Policy · March 2024

DOI: 10.32479/ijeep.15488

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 International Journal of Energy Economics and
Policy
ISSN: 2146-4553

available at http: www.econjournals.com

International Journal of Energy Economics and Policy, 2024, 14(2), 584-593.

Relationship of Environmental Disclosure of Renewable Energy,

Carbon Emissions, Waste Management, Water Consumption, and
Banks’ Financial Performance

Yinka Lydia Emmanuel1, Mishelle Doorasamy2, Jerry D. Kwarbai3, Adegbola Olubukola Otekunrin1*,
Uche Abamba OSAKEDE1
1
Department of Accounting and Finance, Bowen, University, Nigeria, 2School of Accounting, Economics and Finance,
University of KwaZulu- Natal, Durban, South Africa, 3Department of Accounting, Babcock University, Nigeria.
*Email: [email protected]

Received: 19 October 2023 Accepted: 07 February 2024 DOI: https://doi.org/10.32479/ijeep.15488

ABSTRACT
In recent years, sustainable banking principles have been employed in the daily operations of deposit money banks in Nigeria. This study examines
the relationship between environmental sustainability and the financial performance of 14 deposit money banks listed on the Nigerian Exchange
Group. It focuses on the impact of environmental disclosure of renewable energy, carbon emissions, waste management, and water consumption (i.e.
proxies for environment sustainability) on the bank’s return on assets (ROA i.e. proxy for financial performance). The research spans an 8-year period
from 2013 to 2021, using panel data and multiple regression analysis to analyze the data. The data is collected from the annual reports of the deposit
money banks listed on the Nigerian Exchange Group. The research design is ex-post facto, utilizing secondary data collection methods. The findings
suggest that there is a positive but insignificant association between environmental sustainability indicators (renewable energy, carbon emissions,
waste management, and water consumption) and financial performance (ROA). In conclusion, the study finds no significant relationship between and
financial performance (ROA).
Keywords: Carbon Emission Disclosure, Financial Performance, Sustainable Banking
JEL Classifications: C1, C20, C22, Q16, Q51

1. INTRODUCTION have turned their attention to sustainable economic development.

It is essential to take into account the environmental crisis, energy
Global warming has led to an increase in the incidence and extent production, industrial output, farming, and economic growth as
of natural catastrophes in contemporary society, which has forced a means to achieve a prosperous economy (Nugraha and Osman,
mankind to reevaluate how we use resources from nature and how 2019; Dugelay et al., 2017).
we produce and consume. Countries are therefore continuously
seeking for ways to lessen and delay the impacts of climate change. According to Deloitte, sustainability banking involves incorporating
It’s critical to take the environment into account while working environmental, social, and governance (ESG) criteria into
to encourage economic growth. The good news is that carbon traditional banking and making ESG benefits a key objective.
dioxide emissions that cause climate change can be decreased However, the current regulatory framework governing the banking
by using renewable energy resources. Thus, in the last few years, system has not fully addressed systemic environmental risks. To
nations with developed economies as well as developing ones close this blind spot Alexander and Fisher (2018) recommend

This Journal is licensed under a Creative Commons Attribution 4.0 International License

584 International Journal of Energy Economics and Policy | Vol 14 • Issue 2 • 2024
 Emmanuel, et al.: Relationship of Environmental Disclosure of Renewable Energy, Carbon Emissions, Waste Management,
Water Consumption, and Banks’ Financial Performance

incorporating sustainability and environmental standards into (Otekunrin et al., 2020; Otekunrin et al., 2019). Net income is
banking laws. Some banks have voluntarily adopted principles divided by the entirety of assets to arrive at this figure. A greater
and codes of conduct, such as the Equator Principles for project ROA suggests greater profitability besides the effective use of a
finance, to manage environmental and social risks in their business company’s investment resources. ROA is widely used to compare
operations (Weber, 2017). The Nigerian Bankers’ Committee the operational performance of companies and assess their ability
introduced the Nigerian Sustainable Banking Principles on July to generate returns on their assets. In the banking industry, ROA
14, 2012, with the aim of achieving measurable progress in serves as an indicator of a bank’s capital capacity and profitability.
creating and sustaining environmentally responsible and socially The ratio provides insights into how effectively bank management
relevant economic growth. However, traditional indicators used utilizes assets to generate income and measure profitability. Higher
by banks do not typically monitor ESG issues associated with ROA values indicate greater profitability and better asset utilization
financial products and services. Instead, they focus on economic (Otekunrin et al., 2022). ROA is considered a key metric to assess
performance and financial risk without considering environmental a bank’s profitability and asset management efficiency. Therefore,
costs (Oyegunle and Weber, 2015). The financial performance (FP) the higher a bank’s ROA, the higher the bank’s profitability and
of banks is crucial for economic growth, as positive performance the better the bank’s asset utilization position. It is for these
encourages investment and fosters economic development, while reasons mentioned above that this study adopts ROA as a proxy
poor performance can lead to banking failures and crises that for banks’ FP
negatively impact growth. The adoption of sustainable banking
principles, which have not yet been widely embraced in Nigeria 2.1.2. Environmental sustainability
can mitigate environmental and social risks associated with bank ES refers to the reduction of an organization’s impact on the
operations and lead to increased efficiency, productivity, and staff natural system, including ecosystems and the elements within
morale. This adoption of sustainability practices can also improve them such as land, air, and water. It involves managing input
the banks’ credibility, value, and competitiveness for the benefit factors like materials, energy, and water, as well as minimizing
of stakeholders. output such as emissions, effluents, and waste (Ucheagwu et al.,
2019). The idea is to preserve environmental well-being while
Environmental sustainability (ES) is typically measured through providing for the necessities of future generations as well as the
indicators like carbon emissions, renewable energy usage, water present (Morelli, 2011). From an academic perspective, ES entails
consumption, and waste management, which are often disclosed in innovative and transformative changes that challenge existing
the annual reports. Some studies have explicitly looked at how ES practices in products, processes, and business operations (Hao
affects the FP of quoted deposit money banks (DMBs) in Nigeria, et al., 2021). Banks, in particular, have a significant role and social
despite the fact that many research studies have investigated the impact, and they are increasingly proactive in sustainability efforts,
link between ES and FP and have produced a range of findings. going beyond managing risks to embracing new opportunities
This study’s primary goal is to ascertain how ES affects DMB FP and marketing sustainable practices (Clark et al., 2015). Their
in Nigeria and what that means for stakeholders. engagement in sustainable development is influenced by
interactions with customers through products and services, and
banks are encouraged to disclose their ES practices, including
2. LITERATURE REVIEW AND carbon emissions, renewable energy, waste management, and
HYPOTHESIS DEVELOPMENT water consumption, in their annual reports to benefit stakeholders
(Dugelay et al., 2017; Dzomonda, 2022; Omaliko et al., 2020).
2.1. Conceptual Review Hence, carbon emissions, renewable energy, waste management,
2.1.1. Financial performance and water consumption are next to be discussed in this study
FP refers to the evaluation of how effectively a company utilizes its
assets and generates revenue. It can be measured through indicators 2.1.3. Renewable energy disclosure
such as net income, cash flow, and overall financial strength In recent years, the growth of renewable energy has been fueled
(Onyefulu et al., 2019; Otekunrin et al., 2022; Emmanuel et al., by government-sponsored projects such as tax reductions and
2023). The goal is often to maximize shareholder wealth and assess subsidies which have reduced energy production costs leading
the company’s financial strength over time (Olakunle, 2015). In to cost competitiveness. Renewable energy refers to energy
the banking industry, FP holds significant importance for various derived from natural sources, such as the sun and wind, which
stakeholders, including consumers, shareholders, employees, are replenished at a faster rate than they are consumed. It is
regulators, and the economy as a whole (Qamruzzaman, 2014). seen as a sustainable and non-polluting alternative to traditional
It helps banks assess their overall performance, identify strengths energy consumption, and it can be utilized for various purposes,
and weaknesses, pursue investment opportunities, and improve including electricity generation, heating and cooling systems, and
competitive positioning (Dufera, 2010). Key indicators used to transportation. The global focus on reducing CO2 emissions has
measure FP in banks include Return on Assets (ROA), Return on led to increased attention towards renewable energy as a viable
Equity (ROE), Return on Capital Employed (ROCE), Earnings solution. Governments have implemented initiatives and incentives,
per Share (EPS), and Return on Investments (ROI), (Bagh et al., such as tax reductions and subsidies, to promote the growth of
2017). This study adopts as a proxy for FP in banks. Return on renewable energy projects, resulting in cost competitiveness and
assets (ROA) is a financial ratio that measures the profitability and the emergence of renewable energy technology installers and
efficiency of a company in generating profit from its total assets manufacturers (Shahbaz et al., 2020). Solar and wind energy are

International Journal of Energy Economics and Policy | Vol 14 • Issue 2 • 2024 585
 Emmanuel, et al.: Relationship of Environmental Disclosure of Renewable Energy, Carbon Emissions, Waste Management,
Water Consumption, and Banks’ Financial Performance

the most common and widely available sources of renewable form and may be generated as a byproduct of manufacturing
energy, offering clean and greenhouse gas-free energy options processes or from obsolete commercial products (Mubaslat,
(Zhou et al., 2010). DMBs can adopt renewable energy sources, 2021). From the production of waste to recycling, the handling
particularly solar and wind energy, in their day-to-day operations. of waste encompasses a range of methods and techniques for
This can involve powering their facilities with solar power plants, identifying, managing, as well as treating diverse waste forms.
utilizing energy-efficient light fixtures, and implementing motion The 3Rs (Reduce, Reuse, Recycle) are a structure that waste
sensors to promote energy efficiency. Some DMBs have already management aims to set up in order to support the preservation
disclosed in their annual reports how their ATMs are powered by of the environment and healthy communities. Waste reduction
solar power plants, demonstrating their commitment to sustainable aims to minimize material costs and waste generation, while
operations and the use of LED bulbs and motion sensors in their waste reuse involves using discarded materials for the same or
banking facilities (Shahbaz et al., 2020). Hence, this study is different purposes, and waste recycling entails further processing
carried out to see if the disclosure of renewable energy is related to for alternative uses (Oti and Mbu-Ogar, 2018). In Nigeria, waste
the FP of quoted DMBs in Nigeria. The research’s first hypothesis generation is significant, with a majority of it being organic, and
has been put forward in null styles, along with the links to the there is a lack of proper sewer systems, leading to liquid waste
researched literature: ending up in waterways. Solid waste management has become
H01: The disclosures of renewable energy and FP of quoted DMBs increasingly important in public health and environmental
in Nigeria are not related. policies, driven by rapid economic growth, urbanization, and
industrialization (Okoli et al., 2020). The Federal Environment
2.1.4. Carbon emission disclosures Protection Agency was established in Nigeria to report waste
Carbon emissions refer to the release of carbon into the atmosphere management concerns (Maiyaki et al., 2020). The focus is now
as a result of various burning processes. According to Cahya and on more sustainable waste management practices that prioritize
Hanifah (2017), disclosing carbon emissions involves evaluating production reduction, waste sorting, reuse, recycling, and
an organization’s carbon footprint and setting goals to reduce energy recovery over landfilling and incineration (Abubakar
those emissions. It is considered a commitment to address global et al., 2022). DMBs have disclosed their waste management
warming and greenhouse gas-related issues (Choi et al., 2013). practices, such as reducing paper consumption through online
Carbon emissions disclosure includes reporting on climate change banking and promoting waste sorting, reuse, and recycling by
risks and opportunities, greenhouse gas emission intensity, energy employees and customers. Hence, this study is also carried out
consumption, emissions reductions, and associated costs (Marietza to see if disclosure of waste management is related to the FP
and Hatta, 2021; Cahya and Hanifah, 2017). DMBs can benefit of quoted DMBs in Nigeria. Hypothesis three examined in this
from such disclosure by gaining stakeholder legitimacy, mitigating study with references to the literature reviewed is now listed in
threats, reducing operational costs, increasing transparency and null forms as follows:
accountability, and minimizing reputational risks (Berthelot H03: The disclosure of waste management and FP of quoted DMBs
and Robert, 2011). It is seen as a long-term investment that in Nigeria are not related
enhances stakeholder confidence and improves FP (Marietza and
Hatta, 2021). The publication of carbon emissions has garnered 2.1.6. Water consumption disclosures
considerable attention from prominent interested parties and Water consumption refers to the amount of water used that is
global organizations like European Commission Guidelines, not returned to its original source after being withdrawn. It is
United Nations Global Compacts, Task Force on Climate-related recognized as a significant risk, and there are sustainability criteria
Financial Disclosures, Sustainability Accounting Standards Board, in place that emphasize efficient water management (Ali et al.,
Global Reporting Initiative, and International Integrated Reporting 2021). The financial impact of reported water risks in 2020 was
Council (Omaliko et al., 2020; Saka and Oshika, 2014). Banks can substantial, with the cost of mitigation significantly lower than the
manage their emissions and reduce their carbon footprint through potential financial impact (Ali et al., 2021). This has led investors
carbon accounting, which involves calculating, reporting, and to pay closer attention to corporate disclosures regarding water
developing programs to reduce carbon emissions. Strategies for usage and associated risks (Trausch et al., 2011). It is crucial
reducing carbon emissions include minimizing fuel consumption for businesses to build resilience to climate change and address
reducing generator usage, and promoting online meetings to water-related risks to mitigate potential financial impacts (Ali
minimize travel. Banks in Nigeria are not lagging behind in et al., 2021). Investing in water management or sustainable water
disclosing how they contributed to reducing carbon emissions. practices can provide a competitive advantage, while effective
Therefore, the tenacity of this study is to find out whether carbon water accounting allows companies to assess impacts on water
emission publication and the FP of quoted DMBs in Nigeria are use in communities and ecosystems, track their own water
connected. Here are the null forms of the second hypothesis that this management practices, identify significant risks, and report trends
study looked at, along with their relation to the researched literature: to stakeholders. Engaging investors and stakeholders is essential
H02: The disclosure of carbon emissions and FP of quoted DMBs in promoting sustainable investments and maximizing wealth (Ali
in Nigeria are not related et al., 2020). DMBs committed to water sustainability disclose
their water management practices and encourage employees
2.1.5. Waste management disclosure and customers to reduce and manage water usage appropriately.
Waste denotes every material that is discarded and no longer Hence, this study is also carried out to see if disclosure of water
serves its intended purpose. It can be in solid, liquid, or gaseous sustainability is related to the FP of quoted DMBs in Nigeria.

586 International Journal of Energy Economics and Policy | Vol 14 • Issue 2 • 2024
 Emmanuel, et al.: Relationship of Environmental Disclosure of Renewable Energy, Carbon Emissions, Waste Management,
Water Consumption, and Banks’ Financial Performance

Hypothesis four examined in this study with references to the Figure 1: Conceptual framework
literature reviewed is now listed in null forms as follows: Independent Variable
H04: The disclosure of water sustainability and FP of quoted DMBs Environmental Sustainability Dependent Variable
in Nigeria are not related • Renewable Energy
• Carbon Emission
• Waste Management
2.2. Control variables • Water Consumption Financial Performance
• Return on Asset
2.2.1. Firm size Control Variables
Firm size refers to the capacity and productive potential of a • Firm Size
• Leverage
company, including the number and variety of services it can
offer to customers. It plays a significant role in describing the Source: Researcher’s Compilation (2023)
relationships within and outside the business environment
(Olawale et al., 2017; Shaheen and Malik, 2012; Babalola, communities, shareholders) and internal (management, employees,
2013; Egbuhuzor and Wokeh, 2022). Larger companies have board of directors). Organizations must satisfy the expectations
a greater influence on stakeholders and hold more competitive of different stakeholder groups, including their expectations for
power compared to smaller firms in the same industry. They sustainability practices and ESG reporting. The stakeholder theory
often perform better and can take advantage of opportunities that highlights the importance of managing stakeholder relationships
require substantial as electricity and security. Firm size allows for to promote ES practices and improve FP in the banking sector.
competitive advantages, raising barriers to entry and benefiting While stakeholder theory has its limitations, such as the challenge
from economies of scale. This research aims to examine the impact of satisfying all stakeholders and criticism regarding its impact
of firm size on the FP of quoted DMBs in Nigeria. on the market economy, it remains highly relevant and valuable
in understanding and managing the complex relationships
2.2.2. Leverage between banks and their stakeholders. Adopting sustainable
A bank’s monetary strategy is heavily influenced by leverage, banking initiatives based on stakeholder theory can help establish
which sets the amount of external and internal finance available as trust, cooperation, and goodwill with stakeholders, providing a
well as having an enormous effect on the bank’s finances and worth. competitive advantage for banks (Jizi et al., 2014; Kolk and Pinkse,
The ratio of borrowing and preference stock to the ownership stake 2010). Hence, this study adopts stakeholder theory.
in a firm’s capital structure is known as financial leverage (Pandey
and Pandey, 2015It is employed to boost profits, but using too 2.3.2. Legitimacy theory
much leverage can raise the chance of failure and make repaying Legitimacy theory, as defined by Dowling and Preffer, refers to the
debt more difficult (Ofulue et al., 2022). The leverage ratio state in which the values of an organization align with the values
measures the degree of debt financing and reflects a company’s of the larger social system it operates within. Organizations strive
financial risk. It involves the use of borrowed money to purchase to operate within societal boundaries and norms, maintaining their
assets, aiming to generate higher investment returns (Ezechukwu legitimacy through various strategies. Legitimacy theory emphasizes
and Amahalu, 2017). DMBs, like any other organization, require the social contract between a company and its community, providing
capital to finance their investments and operations, and choosing information that legitimizes the company’s actions and influences
the optimal capital structure that minimizes costs and maximizes stakeholder and public perceptions of its value (Qian et al., 2021).
profit is a key challenge for bank management. The leverage The theory assumes that companies should naturally conduct their
decision may have significant implications for a firm FP. In view activities in a manner that aligns with existing peace, environmental
of the literature review on environmental disclosure of renewable conditions, and social norms within their community (Burgwal and
energy, carbon emissions, waste management, water consumption, Vieira, 2014). Meeting societal expectations and disclosing social
and banks' financial performance, the conceptual framework information are seen as necessary for companies to fulfill their
based on independent, dependent and control variable is as given corporate social responsibility. In a dynamic society, institutions
in Figure 1. must demonstrate both legitimacy and relevance by meeting the
needs of the public and gaining societal approval. The social contract
2.3. Theoretical Review between a company and society requires the company to fulfill
2.3.1. Stakeholder’s theory certain socially necessary actions to secure its goals and survival.
Freeman’s, 1984 development of the stakeholder theory has Failure to operate within societal boundaries can lead to public
been extensively utilized to comprehend the desires of major dissatisfaction and pressure for improved performance. Legitimacy
stakeholders in enterprises. It defines stakeholders as individual theory suggests that companies respond to the demands of different
organizations that a firm’s actions may have an impact on. interest groups and use social reporting to influence public
According to this theory, managers should focus on developing perceptions. Failure to comply with societal demands, particularly
and maintaining relationships with all stakeholders, not just in terms of environmental behavior, can threaten a company’s
shareholders. It highlights the fact that businesses exist for the legitimacy and hinder its access to necessary resources. However,
good of society as well as for their owners. By considering the companies with higher environmental performance are more likely
needs of various stakeholders, companies can adapt to the changing to engage in environmental reporting to legitimize their practices.
demands of society and avoid conflicts of interest. According Therefore, DMBs are encouraged to embrace environmental
to Olanrewaju and Johnson-Rokosu (2016), stakeholders can reporting, which can positively impact their FP. Hence, this study
be classified as external (government agencies, customers, also adopts the Legitimacy theory.

International Journal of Energy Economics and Policy | Vol 14 • Issue 2 • 2024 587
 Emmanuel, et al.: Relationship of Environmental Disclosure of Renewable Energy, Carbon Emissions, Waste Management,
Water Consumption, and Banks’ Financial Performance

2.3.3. Agency theory CARE = Carbon Emissions;

The theory of agency, first introduced by Jensen and Meckling in WASM = Waste Management;
1976, centers on the possible contradictions of interest between
the managers, key debt financiers, and owners of an enterprise. WATC = Water Consumption;
The theory suggests that as companies grow, owners appoint FIRS = Firm Size;
managers to run the company on their behalf, resulting in an agency LEV = Leverage;
relationship. The owners expect the managers to act in their best i = 1,2..., N pertains to the cross-section unit;
interests, but the inherent problem lies in aligning the interests of t = 1,2..., T refers to the time period;
both parties through a contract. Jensen and Meckling (1976) noted
that agency problems are more common in successful companies
with low revenue growth and significant free cash flow. To mitigate 4. RESULTS AND DISCUSSION OF FINDINGS
this, companies can incorporate a higher portion of debt in their
capital structure, which reduces free cash flow and incentivizes
4.1. Hausman Test
The Hausman test above assesses the presence of model
management to generate profitable investments. Corporations with
limited liability operate based on agency theory principles, where specification issues by comparing the coefficients obtained from
shareholders are the principals and owners, and management acts fixed-effects (fe) and random-effects (re) regressions. The test
as agents, responsible for managing and controlling the company results in this instance show that the random-effects and fixed-
on behalf of the shareholders (Otekunrin et al., 2018). The effects coefficients do not differ in a systematic way. With a
separation of ownership and control can lead to conflicts between p-value of 0.2914 and a chi-squared test statistic of 3.74, it appears
principals and agents within firms (Owolabi et al., 2023). In the that the null hypothesis—that the difference in coefficients is not
context of commercial banks, agency problems can arise between systematic—is not successfully rejected. Therefore, we do not
the banks and their correspondent banks due to incongruent have strong evidence to suggest model misspecification. The
interests. Management decisions, such as leverage and initiatives variance-covariance matrix difference (V_b-V_B) not being
for maintaining sufficient capital, play a crucial role in banks. positive definite implies that the random-effects estimator may be
Excessive lending and decision-making by banking institutions inefficient under the alternative hypothesis, but this does not affect
were major contributors to the financial crisis of 2007/2008 the interpretation of the Hausman test results. Overall, based on
(Calabrese, 2011). In today’s banking landscape, executives aim the Hausman test results, which indicate no systematic difference
to implement sustainable banking initiatives to reduce conflicts of between the fixed-effects and random-effects coefficients, it is
interest with shareholders and promote long-term sustainability. recommended to use the fixed-effects regression. The fixed-effects
Increased sustainability efforts can positively impact a bank’s FP model accounts for individual-specific effects by controlling for
by mitigating conflicts between shareholders and management. It time-invariant heterogeneity, which can lead to more accurate
is for these reasons, that this study adopts Agency theory. and reliable estimates. Therefore, in this case, the fixed-effects
regression would be the preferred model for analyzing the
relationship between the variables.
3. METHODOLOGY
Test: Ho: difference in coefficients not systematic
The ex post facto research design was used for this investigation.
The study encompasses 14 DMBs that were quoted in Nigeria over Chi-squared (3) = (b-B)[(V_b-V_B)^(-1)](b-B)
an 8-year period, from 2013 to 2021. Multiple regression analysis = 3.74
is used in the study on the panel data of the DMBs that are cited. Prob>Chi-squared = 0.2914
The data used in this study was generated through secondary
sources from the annual report of the DMBs listed on the Nigerian (V_b-V_B is not positive definite)
Exchange Group (NGX). Regression analysis was performed on
the data. The four hypotheses put forth in the study were examined 4.2. Regression Analysis
and tested using multiple regression analysis. The Unobserved 4.2.1. Hypothesis one
Effects Model (UEM) was used for calculating the regression H01: The disclosure of renewable energy and FP of quoted DMBs
models, as well as the Hausman test result showed which impact in Nigeria are not related. In Table 1, A fixed-effect (within)
model was fixed while the other was random. According to regression model is used for the analysis, with the dependent
documented literature, an operational formula representing the variable being ROA and the control variables being LEV and FIRS.
link in the two parameters has been offered: The findings indicate that a decrease in ROA is correlated with
an increase in leverage (LEV), which is negative and statistically
ROA = β0 + β1 (RENE, t) + β2 (CAREi, t) + β3 (WASMi, t) + β4 significant at the 0.05 level. This implies that a company’s return
(WATCi, t) + β5 (FIRSi, t) + β6 (LEVi, t) + εi, t on assets might be adversely affected by higher levels of leverage.
Despite being positive, the coefficient of FIRS does not meet the
Where; conventional significance level of 0.05 for statistical significance.
Β0 is the intercept; This implies that there may not be statistical support for the link
between firm size (FIRS) and ROA in this analysis. The coefficient
ROA = Return on Assets; of RENE (Renewable Energy Disclosure) is positive but not
RENE = Renewable Energy; significant as it is.0006155, indicating that it does not have a

588 International Journal of Energy Economics and Policy | Vol 14 • Issue 2 • 2024
 Emmanuel, et al.: Relationship of Environmental Disclosure of Renewable Energy, Carbon Emissions, Waste Management,
Water Consumption, and Banks’ Financial Performance

significant impact on ROA in this analysis. The model contains a and ROA may not be statistically robust in this analysis. Similarly,
constant term (_cons), but it is not statistically significant, meaning the coefficient of Carbon Emission Disclosure (CARE) is not
that it has no discernible effect on ROA. The R-squared values statistically significant, indicating that it does not have a significant
indicate that approximately 9.85% of the variation in ROA can impact on ROA in this analysis. The model contains a constant
be explained by the variation in the independent variables within term (_cons), but it is not systematically significant, indicating that
the groups. The between-group variation explains approximately it has no discernible effect on ROA. The F-test is used to determine
12.71% of the total variation in ROA. The overall R-squared the model’s general validity by assessing if each of the distinct
represents the combined effect of within-group and between-group group-specific effects is in tandem equal to zero. The F-test statistic
variation on ROA, which is approximately 11.87%. It is important is significant, indicating that there are significant differences in
to note that other unobserved factors may also influence ROA, the group-specific effects and the model as a whole provides a
and further research or additional variables may be needed to better fit than an intercept-only model. In conclusion, the analysis
obtain a more comprehensive understanding of the determinants indicates that leverage (LEV) is a significant factor affecting ROA,
of ROA in the given data. In conclusion, the analysis suggests while firm size (FIRS) and Carbon Emission Disclosure (CARE)
that leverage (LEV) is a significant factor affecting ROA, while do not show statistically significant relationships with ROA in this
FIRS and RENE do not show statistically significant relationships analysis. However, it is important to note that other unobserved
with ROA in this analysis. Hence, the null hypothesis H 01: the factors or additional variables may also influence ROA, and further
disclosures of renewable energy and FP of quoted DMBs in Nigeria research or consideration of different models may be necessary
are not related is accepted as the result of the fixed regression to gain a more comprehensive understanding of the determinants
analysis shows that Renewable Energy Disclosure has a positive of ROA in the given data. Therefore, the null hypothesis which
but insignificant effect on ROA. is H02: the disclosures of carbon emissions and FP of quoted
DMBs in Nigeria are not related is accepted as the fixed effect
4.2.2. Hypothesis two regression has shown a positive but insignificant effect between
H02: The disclosures of carbon emissions and FP of quoted DMBs Carbon Emission Disclosure and ROA.
in Nigeria are not related. In Table 2; the analysis is conducted using
fixed-effects regression, and the significance level of the variables 4.2.3. Hypothesis three
is examined. Return on Assets (ROA) is inversely correlated with H03: The disclosures of waste management and FP of quoted
leverage (LEV), as demonstrated by the negative and statistically DMBs in Nigeria are not related. In Table 3, the analysis uses a
significant coefficient of leverage at the 0.05 level. This suggests fixed-effects regression; the significance level of the variables is
that higher levels of leverage have a detrimental effect on a firm’s examined. A rise in leverage (LEV) is linked to a fall in return on
return on assets. The coefficient of Firm Size (FIRS) is positive, assets (ROA), as the coefficient of leverage (LEV) is negative and
but it is not statistically significant at the conventional significance statistically significant at the 0.05 level. This suggests that higher
level of 0.05. This implies that the relationship between firm size levels of leverage have a detrimental effect on a firm’s return on
Table 1: Fixed effect regression on renewable energy disclosure
ROA Coef. Std. Err. t P>|t| [95% Conf. Interval]
Leverage −0.0176274 0.0056241 −3.13 0.002 −0.0287741 −0.0064807
Firm size 0.0040237 0.0024043 1.67 0.097 −0.0007416 0.008789
Renewable energy disclosures 0.0006155 0.0031974 0.19 0.848 −0.0057217 0.0069528
_cons −0.0856529 0.0654877 −1.31 0.194 −0.2154473 0.0441415
sigma_u 0.01987728
sigma_e 0.01179349
rho 0.73963264 (fraction of variance due to u_i)
F test that all u_ i=0: F (13, 109) = 17.68 Prob>F = 0.0000
F (3,109) = 3.97
corr (u_i, Xb) = 0.0727 Prob>F = 0.0100
Source: Researcher’s compilation (2023)

Table 2: Fixed effect regression on carbon emission disclosure

ROA Coef. Std. Err. t P>|t| [95% Conf. Interval]
LEV −0.0176298 0.005621 −3.14 0.002 −0.0287705 −0.0064892
FIRS 0.0039654 0.0023797 1.67 0.099 −0.000751 0.0086818
CARE 0.0011103 0.0033474 0.33 0.741 −0.0055241 0.0077447
_cons −0.0844491 0.0648924 −1.30 0.196 −0.2130637 0.0441655
sigma_u 0.01980843
sigma_e 0.01178954
rho 0.73842324 (fraction of variance due to u_i)
F test that all u_ i=0: F (13, 109) = 17.72 Prob>F = 0.0000
F (3,109) = 4.00
corr (u_i, Xb) = Prob>F = 0.0096
0.0836
Source: Researcher’s compilation (2023)

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 Emmanuel, et al.: Relationship of Environmental Disclosure of Renewable Energy, Carbon Emissions, Waste Management,
Water Consumption, and Banks’ Financial Performance

assets. Although the Firm Size (FIRS) coefficient is positive, it suggests that higher levels of leverage have a detrimental effect
does not meet the traditional significance level of 0.05 for statistical on a firm’s ROA. The coefficient of FIRS (Firm Size) is positive,
significance. This suggests that the relationship between firm size however, at the 0.10 level, it is only slightly systematically
and ROA may not be statistically robust in this analysis. Similarly, significant. This implies that there might be a couple of proofs
the coefficient of Waste Management Disclosure (WASM) is of a positive correlation between firm size and ROA. However,
not statistically significant as it has a coefficient of.0019331 it is not as strong as the 0.05 significance level. Likewise, the
indicating that It has no substantial effect on ROA in this analysis. Water Consumption Disclosures (WATC) coefficient exhibits
Additionally, the model’s constant term (_cons) is not statistically positivity. However, because of its coefficient of 0.0038262, it is
significant, indicating that it has no noticeable influence on not systematically significant at the traditional significance level
ROA. By determining whether each individual coefficient is of 0.05. This suggests that the disclosure of WATC and ROA is
substantially equal to zero, the F-test is used to assess the model’s not statistically related in this analysis. The constant term in the
general impact. Overall, the model fits data more accurately than model is also not statistically significant, indicating that it does not
an intercept-only model, according to the test statistic, which is have a significant impact on ROA. The F-test is conducted to test
significant at the 0.05 level. In conclusion, the analysis indicates the overall significance of the model, examining whether all the
that leverage (LEV) is a significant factor affecting ROA, while individual coefficients are jointly equal to zero. The test statistic is
firm size (FIRS) and WASM do not show statistically significant significant at the 0.05 level, indicating that the model as a whole
relationships with ROA in this analysis. However, it is important provides a better fit than an intercept-only model. In conclusion,
to note that other unobserved factors or additional variables may the analysis indicates that leverage (LEV) is a significant factor
also influence ROA, and further research or consideration of affecting ROA, while firm size (FIRS) and WATC show some
different models may be necessary to gain a more comprehensive indication of an impact on ROA, but not at significance levels.
understanding of the determinants of ROA in the given data. However, it is important to consider other factors or unobserved
Also, the null hypothesis which is H03: The disclosures of waste variables that may provide a more comprehensive understanding
management and FP of quoted DMBs in Nigeria are not related is of the determinants of ROA in the given data. Henceforth, the
accepted as it also shows a positive but insignificant effect between null hypothesis which is H04: The disclosures of water and FP of
Waste Management Disclosure and ROA. quoted DMBs in Nigeria are not related is accepted as it shows a
positive but insignificant effect on ROA.
4.2.4. Hypothesis four
H04: The disclosures of water consumption and FP of quoted This study focuses on the impact of environmental disclosure,
DMBs in Nigeria are not related. In Table 4, the analysis is using including renewable energy, carbon emissions, waste management,
a fixed-effects regression; the significance level of the variables and water consumption, on the bank’s return on assets (ROA). The
is examined. At the 0.05 level, the coefficient of leverage (LEV) objective is to analyze how ES disclosures affect the FP of these banks.
is negative and statistically significant, meaning that a rise in The research spans an 8-year period from 2013 to 2021, using panel
LEV is correlated with a fall in ROA (Return on Assets). This data and multiple regression analysis to analyze the data. The fixed

Table 3: Fixed effect regression on waste management disclosure

ROA Coef. Std. Err. t P>|t| [95% Conf. Interval]
Leverage −0.0175044 0.0056169 −3.12 0.002 −0.0286368 −0.0063719
Firm size 0.0037928 0.002374 1.60 0.113 −0.0009123 0.008498
Renewable energy disclosures 0.0019331 0.0029421 0.66 0.513 −0.0038981 0.0077643
_cons −0.0804087 0.0648014 −1.24 0.217 −0.208843 0.0480256
sigma_u 0.01982477
sigma_e 0.0117722
rho 0.73930939 (fraction of variance due to u_i)
F test that all u_ i=0: F (13, 109) = 17.69 Prob>F = 0.0000
F (3,109) = 4.12
corr (u_i, Xb) = 0.0915 Prob>F = 0.0083
Source: Researcher’s compilation (2023)

Table 4: Fixed effect regression on water consumption disclosure

ROA Coef. Std. Err. t P>|t| [95% Conf. Interval]
Leverage −0.0171399 0.0055794 −3.07 0.003 −0.028198 −0.0060817
Firm size 0.0041451 0.0022935 1.81 0.073 −0.0004005 0.0086907
Renewable energy disclosures 0.0038262 0.0026026 1.47 0.144 −0.001332 0.0089844
_cons −0.0906021 0.0631196 −1.44 0.154 −0.2157031 0.0344989
sigma_u 0.0201223
sigma_e 0.01168025
rho 0.74797818 (fraction of variance due to u_i)
F test that all u_ i=0: F (13, 109) = 18.05 Prob>F = 0.0000
F (3,109) = 4.76
corr (u_i, Xb) = 0.0128 Prob>F = 0.0037
Source: Researcher’s compilation (2023)

590 International Journal of Energy Economics and Policy | Vol 14 • Issue 2 • 2024
 Emmanuel, et al.: Relationship of Environmental Disclosure of Renewable Energy, Carbon Emissions, Waste Management,
Water Consumption, and Banks’ Financial Performance

effect regression and random effect regression analyses showed that Social and Behavioural Sciences. In: 9th International Economics
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on ROA. These findings are consistent with previous studies such
Atanda, F.A., Osemene, F., Ogundana, H.F. (2021), Sustainability
as Tomomewo et al. (2022), Igbekoyi et al. (2021), and Nejla and
reporting and firm value: Evidence from selected deposit money
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ES reporting and FP in DMBs and firms. On the other hand, these Babalola, Y.A. (2013), The effect of firm size on firms profitability in
findings contradict the conclusions of other studies conducted by Nigeria. Journal of Economics and Sustainable Development, 4(5),
Olakunle (2015), ABM, Ruzlin and Jeaneth (2021), Zamil and Hassan 90-94.
(2019) and Atanda et al. (2021), which suggested that ES practices Bagh, T., Khan, M.A., Azad, T., Saddique, S., Khan, M.A. (2017), The
have a significant impact, both positive and negative, on the FP of corporate social responsibility and firms’ financial performance:
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their FP (Igbekoyi et al., 2021). Overall, the findings of this study examination of Canadian oil and gas firms. Issues in Social and
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are consistent with stakeholder theory, legitimacy theory, and agency
Burgwal, D.V., Vieira, R.J.O. (2014), Environmental disclosure
theory, supporting a positive relationship between ES practices and determinants in Dutch listed companies. Revista Contabilidade and
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